Russian VTB Bank to provide $250 million to Armenian Copper Program as loan
21.11.2007,
02:14
VTB Bank (Russia) is to provide $250 million to Armenian Copper Program (A-C-P metallurgic company) as loan, Gagik Arzumanyan, the company executive director, said on Tuesday.
YEREVAN, November 20. /ARKA/. VTB Bank (Russia) is to provide $250 million to Armenian Copper Program (A-C-P metallurgic company) as loan, Gagik Arzumanyan, the company executive director, said on Tuesday.
He told journalists that the company intended to sign an agreement with the Russian bank later this year.
In his words, the program is under discussion now and the company expects to get the final decision within one month.
An accord has been reached between A-C-P and Russian VTB Bank on financing Tghut copper molybdenum field exploitation project.
The bank will provide $198 million of the financing totaling $268 million.
Teghut is the second largest copper molybdenum field in Armenia after Kajaran.
The study conducted in 1972 showed that Teghut field contains 450mln tons, of which 1.6 million is copper concentrate and 99,000 tons molybdenum concentrate.
Experts say the field can be exploited within 45 years with annual output of 7 million tons.
In February 2001, “ACP” (Armenian Copper Program) Closed Joint Stock Company received a license for development of the deposit for 25 years. Investments of ACP in the project are to total $200-250mln, with about $50mln having been already invested.
According to preliminary estimates, the production output of Teghut deposit in the first operational year is to total 12,000 tons of copper concentrate. The ore reserve of the deposit is about 400-450mln tons.
“ACP” Closed Joint Stock Company, a member of Vallex Group, was founded in August 1997 on the basis of Alaverdy mining factory. The shareholders of the enterprise are Vallex F.M. Establishment (Lichtenstein) (80.74%) and the General Director of Armenian Copper Program Valery Mejlumian (19.26%). –0—
He told journalists that the company intended to sign an agreement with the Russian bank later this year.
In his words, the program is under discussion now and the company expects to get the final decision within one month.
An accord has been reached between A-C-P and Russian VTB Bank on financing Tghut copper molybdenum field exploitation project.
The bank will provide $198 million of the financing totaling $268 million.
Teghut is the second largest copper molybdenum field in Armenia after Kajaran.
The study conducted in 1972 showed that Teghut field contains 450mln tons, of which 1.6 million is copper concentrate and 99,000 tons molybdenum concentrate.
Experts say the field can be exploited within 45 years with annual output of 7 million tons.
In February 2001, “ACP” (Armenian Copper Program) Closed Joint Stock Company received a license for development of the deposit for 25 years. Investments of ACP in the project are to total $200-250mln, with about $50mln having been already invested.
According to preliminary estimates, the production output of Teghut deposit in the first operational year is to total 12,000 tons of copper concentrate. The ore reserve of the deposit is about 400-450mln tons.
“ACP” Closed Joint Stock Company, a member of Vallex Group, was founded in August 1997 on the basis of Alaverdy mining factory. The shareholders of the enterprise are Vallex F.M. Establishment (Lichtenstein) (80.74%) and the General Director of Armenian Copper Program Valery Mejlumian (19.26%). –0—
